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采用2003—2012年A股市场上市公司为样本,研究社保基金持股偏好、治理路径与治理效果。研究结果发现,社保基金倾向于选择高现金股利分配和股权集中度低的公司进行投资。社保基金通过监督公司管理层和大股东,有效改善了公司治理结构,提高了治理效率。就治理效果而言,当社保基金持股信患公告后,公司在短期事件窗口累计超额收益率为正;长期业绩方面,社保基金持股与公司的经营业绩正相关。
Using the listed companies in A-share markets from 2003 to 2012 as a sample, this paper studies the preference, governance path and governance effect of social security funds. The study found that social security funds tend to choose high cash dividend distribution and low equity concentration of companies to invest. By supervising the management and major shareholders, the SSF effectively improved the corporate governance structure and improved the efficiency of governance. In terms of governance effect, after the announcement of the credit of the SSF, the accumulated excess return of the company in the short-term event window is positive. In terms of long-term performance, the SSF holding is positively related to the operating performance of the company.